The Volkswagen Group has realised a further decisive step on its way towards an integrated commercial vehicles group consisting of MAN, Scania and Volkswagen: The Chinese competition authorities have approved the increase of the stake of Volkswagen AG in MAN SE by way of the mandatory offer. This was announced by Volkswagen Group in Wolfsburg on Thursday.

Approval by the Chinese competition authorities marks the completion of all regulatory clearances necessary for settlement. Settlement of the mandatory offer and the associated majority acquisition in MAN SE is expected for November 09, 2011.

Following settlement of the mandatory offer, Volkswagen will hold a total of 55.90 per cent of the voting rights and 53.71 per cent of the share capital of MAN SE. Through a closer cooperation of MAN, Scania and Volkswagen in the fields of procurement, development and production substantial synergies can be realised.